Boom Bust Season 1 Episode 43 Benn Steil On the Gold Standard Forward and David Beckworth On Market Monetarism

Benn Steil, Senior Fellow and Director of International Economics at the Council on Foreign Relations, discusses his latest book, "The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order". Steil explains how the gold standard operated during the Bretton Woods era, how the system came under pressure, and why the end of the gold convertibility marked the end of an era in international finance. He also discusses the prospects for a return to the gold standard in the future, and why this might not be such a good idea.

David Beckworth, Senior Research Fellow at the Mercatus Center at George Mason University, discusses Market Monetarism, a school of thought that originated in the aftermath of the 2008 financial crisis. Beckworth explains the key tenets of Market Monetarism, including the belief that monetary policy should be guided by a nominal GDP target rather than interest rates or inflation targets. He discusses how Market Monetarism differs from other schools of thought, such as Keynesianism and monetarism, and why it has gained traction in recent years. Beckworth also touches on the implications of Market Monetarism for central bank policy, and how it could change the way we think about monetary policy in the future.

Overall, this episode of Boom Bust offers an in-depth look at two different approaches to monetary policy, and explores the historical and theoretical underpinnings of each. It provides valuable insights for anyone interested in the role of money and finance in the modern economy, and sheds light on some of the key debates taking place in the world of economics today.